Luis de Guindos, ECB Vice-President, discusses his eight-year tenure, geopolitical risks, Spain’s economy, monetary policy, banking consolidation, and the digital euro in an interview conducted on 27 May 2026.
On 27 May 2026, an interview was conducted with Luis de Guindos, Vice-President of the European Central Bank, by Andrés Stumpf. He reflected on his eight years in office, highlighting the increasing role of geopolitical risks in economic policy decisions amid global events such as the pandemic, wars, inflation, and Middle East tensions.
De Guindos emphasized Spain’s importance on the ECB’s Executive Board, noting its strong economy and reforms. He expressed confidence that Spain will regain a seat when current mandates end and discussed the significance of representation over the presidency.
He announced his upcoming role as a professor at Comillas University and IESE Business School, dismissing any plans for a political return. Regarding monetary policy, he indicated that the ECB will decide based on data, with no predetermined rate hikes, and highlighted the differences between current conditions and past crises in 2011 and 2021.
De Guindos advised his successor, Boris, to be prepared for new challenges, praising his qualities. He commented on Spain’s economic performance, noting structural advantages and challenges such as productivity growth and social costs of migration-driven population increases.
He discussed fiscal issues, emphasizing the need for structural budget adjustments despite recent revenue increases. On banking regulation, he supported simplification efforts but warned against lowering capital requirements, stressing the sector’s current solidity as a European strength.
Regarding banking consolidation, he stated that mergers should be driven by banks themselves, with the ECB assessing solvency and competition authorities overseeing market impacts. He clarified that the ECB does not involve itself in private takeover decisions like BBVA’s bid for Banco Sabadell.
De Guindos identified geopolitical risks, high market valuations, limited fiscal space, and private credit concerns as key risks. He highlighted the ECB’s focus on cybersecurity in banking, especially concerning artificial intelligence vulnerabilities.
He explained the rationale for the digital euro, emphasizing its role as a cross-border means of payment, enhancing economic sovereignty, and supporting digital transactions without replacing cash or private sector payments. He dismissed conspiracy theories about digital euro monitoring, reaffirming its purpose as a tool for efficient, cost-effective payments.
